In alignment with their refreshed strategic direction, the Federal Reserve Banks proposed five desired outcomes to be achieved to address the gaps and opportunities identified in the “Payment System Improvement – Public Consultation Paper (PDF).”
In October 2013, a stakeholder group engaged an independent consultant to objectively evaluate the business case for or against adoption of ISO® 20022 payments messages by U.S.-based payment clearing and settlement infrastructures, financial institutions and corporate customers. The stakeholder group includes the Federal Reserve, The Clearing House Payments Company L.L.C., NACHA – The Electronic Payments Association and the Accredited Standards Committee X9 – Financial Industry Standards, Inc.
The stakeholder group will address the development of an implementation strategy for the application of the ISO 20022 standard to U.S. payment transactions as part of the desire to achieve greater end-to-end efficiency for domestic and cross-border payments as outlined in strategy four of the Strategies for Improving the U.S. Payment System (PDF) paper. The stakeholder group also intends to conduct an assessment to identify specific pain points or opportunities that could be addressed by adoption of the ISO 20022 standard, with the timing, means and scope of adoption to be determined once more detailed work is complete.
What is ISO 20022?
ISO 20022 is a harmonized set of XML messaging standards across major financial services domains (Cash, Securities, Trade, Card and Foreign Exchange) based on a shared data dictionary and business process model. It has emerged as an enabler of a single, common “language” for global financial communications that can assist organizations in responding to evolving demands.
- ISO 20022 Business Case Assessment Summary (08/14, PDF)
ISO 20022 for Wire Transfers
- Implementation Updates
- The Road to Adoption of ISO® 20022 in the United States (09/16, PDF)
- ISO Stakeholder Group Update at Sibos® Conference on October 14, 2015 (10/15, PDF)
- ISO 20022 Update for Executive Payments Roundtable Meeting at SWIFT on September 16, 2015 (09/15, PDF)
- ISO 20022 Adoption Considerations for U.S. Wire Transfer Systems Survey (07/15, PDF)
Event Summaries and Recordings
- Fedwire® Funds Service ISO 20022 Implementation Overview (10/17, YouTube)
- Fedwire Funds Service ISO 20022 Implementation Overview Presentation (10/17, PDF)
- Deep Dive into the ISO 20022 Implementation Strategy for U.S. High-Value Payment Systems (10/17, PDF)
- ISO 20022 Use Cases for U.S. Wire Transfer Systems Webinar (05/16, YouTube)
- ISO 20022 Use Cases for U.S. Wire Transfer Systems Webinar Presentation (05/16, PDF)
- ISO 20022 Adoption Considerations for U.S. Wire Transfer Systems (07/15, YouTube)
- ISO 20022 Adoption Considerations for U.S. Wire Transfer Systems Presentation (07/15, PDF)
- ISO 20022 Payment Messages in the U.S. Webinar (06/15, YouTube)
- ISO 20022 Payment Messages in the U.S. Webinar Presentation (06/15, PDF)
ISO 20022 for ACH Payments
Learn more about the practices and opportunities of ISO 20022 in the U.S. and global payments landscape, as well as the myths surrounding what use of this standard can and cannot support.
- NACHA Resource Center (NACHA)
- ISO 20022 Frequently Asked Questions (NACHA, 08/17, PDF)
- Download the “Introduction to ISO 20022 for U.S. Financial Institutions” Paper by Completing the Form (NACHA, 12/15)
- ACH ISO 20022 Mapping Guide and Tool (NACHA)
- ACH ISO XML Remittance Solution (NACHA)
Business Payments Coalition
Business Payments Coalition work groups have created several resource documents. Visit the Business Payments Coalition ISO 20022 (Off-site) page to review current offerings.